Relating to the redevelopment tax credit program for brownfields and grayfields and the aggregate tax credit limit for certain economic development programs

Where it is now

1. ✓
   Done: IntroducedFebruary 11, 2020
2. ✓
   Done: SubcommitteeFebruary 12, 2020
3. ✕
   Stopped: Senate committeeDied when the General Assembly ended
4. Next: Passes the Senate
5. Next: House committee
6. Next: Passes the House
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill relates to the redevelopment tax credit program for brownfields and grayfields and the aggregate tax credit limit for certain economic development programs.119(3) limits the maximum tax credits allocated to the redevelopment tax credit program to not more than $10 million per fiscal year. The bill raises the maximum tax credits allocable to the redevelopment tax program to not more than $20 million per fiscal year.5 million. The bill reserves percent of the aggregate amount of qualifying tax credits authorized in any one fiscal year for redevelopment projects where the maximum amount of a tax credit for a qualifying investment in any one qualifying redevelopment project does not exceed percent of the overall project cost.

Full bill text¹

Senate subcommittee

Named February 12, 2020. Meeting: Thursday, March 12 · 8:45 AM · RM 315.

• Sen. Zach Nunn R
• Sen. Jerry Behn R
• Sen. Giddens

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part